Brent Oil Falls Below $80 With US-Iran Deal Set to Add Su…

Brent oil prices declined below $80 a barrel for the first time in over three months, driven by expectations of increased supply following a US-Iran agreement related to the Strait of Hormuz. This drop, marking a potential longest streak of declines in 2026, saw Brent falling by as much as 4.3%. Wall Street banks have adjusted their oil price forecasts downward as traders anticipate an interim agreement to be signed in Switzerland that could lead to increased oil output from the Middle East and the release of stored oil in the Persian Gulf.

Markets

FacebookXLinkedIn

EmailLink

Gift

FacebookXLinkedIn

EmailLink

GiftGift this article

Confidential tip?\ Send a tip to our reporters

Site feedback:\ Take our SurveyNew Window

FacebookXLinkedIn

EmailLink

Gift

By Alex Longley

June 16, 2026 at 12:26 PM UTC

Updated on June 16, 2026 at 1:29 PM UTC

BookmarkSave

Brent oil fell below $80 a barrel for the first time in more than three months as the US-Iran deal to reopen the Strait of Hormuz boosted expectations for a revival in supply, with leading Wall Street banks reducing their price forecasts and regional benchmarks collapsing.

Global benchmark Brent fell as much as 4.3%, on course for its longest run of declines this year. An interim agreement is due to be signed by both sides in Switzerland on Friday, and traders are anticipating that it will trigger a boost in output from the Middle East as well as the release of millions of barrels of oil stored on tankers inside the Persian Gulf.

Read Original at Bloomberg.com →

Brent Oil Falls Below $80 With US-Iran Deal Set to Add Supply